Dubai’s real estate sector recorded a 43% year-on-year sales increase, according to data from Property Finder.
The MENA property portal’s data recorded 9,020 sales transactions in February, compared to 6,310 in the same month last year.
The value of transactions witnessed an outstanding increase recording more than AED 26.7bn ($7.3bn), an increase beyond 65% compared to the same month last year.
Dubai property boom
In terms of value, the transactions for existing properties witnessed an increase of around 32% year-on-year, reaching more than AED15.6bn ($4.2bn), compared to AED11.8bn ($3.2bn) in February 2022, recording the highest volume and value for the month of February in a decade.
The data revealed updated figures showing a significant evolution in property preferences for both owners and tenants.
According to Property Finder’s data, 59.4% of people who have the desire to own property are looking for an apartment, while 40.6% are interested in villas/townhouses.
Additionally, in the rental segment, 80% of tenants have been searching for apartments and 20% are looking for villas/townhouses.
Around 65%of the tenants who are looking for apartments for a long stay prefer furnished properties, while 33% were looking for unfurnished apartments.
Unlike the tenants who can afford to rent a villa/townhouse, approximately 55% were looking for unfurnished units, while 44% were looking for furnished villas/townhouses.
Around 41% of the tenants were looking for one-bedroom units in February 2023, followed by two-bedroom units, which presented 33% of the tenants’ preferences, while 20% were looking for studios.
For Villas/Townhouses, two-bedroom units were the most searched villas for rent by 36.4%, followed by three-bedroom villas/townhouses by 31%.
In February 2023, both existing and off-plan transactions recorded the highest performance.
By acquiring 50% of the total sales transaction and 41% of the total value of the sales transactions, off-plan transactions in February 2023 keep supporting the uptrend of Dubai’s real estate market.
The volume of the off-plan properties increased by 77.8% year-on-year by reaching more than 4,500 transactions compared to 2,533 transactions in February 2022, reflected in the off-plan properties value, which increased by 154% worth more than AED11bn ($3bn), compared to AED4.4bn ($1.2bn) in February 2022 to record the highest volume and value for off-plan transactions for the month of February in a decade.
In terms of volume, the existing (Secondary/ready) transactions recorded around 20% year-on-year increase by registering more than 4,500 transactions.
In terms of value, the transactions for the existing properties witnessed an increase of around 32% YoY, reaching around AED15.6bn ($4.2bn) compared to AED11.8bn ($3.2bn) in February 2022.
Dubai’s property market continues to maintain momentum in its sales transactions with February 2023’s accelerated market performance adding to January 2023’s record 9,800 sales transactions and a sustained growth in market value.
According to Property Finder’s proprietary data the top searched areas in February 2023 for apartments were:
- Dubai Marina
- Downtown Dubai
- Business Bay
- Palm Jumeirah
- Jumeirah Village Circle.
Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, and Mohammed Bin Rashid City were the most desired areas to own rent villas/townhouses.
Scott Bond, UAE Country Manager at Property Finder said: “We continue to see a steady demand for housing and a rising inclination towards ownership, further enabling a brighter future for the growth of real estate in the region.
“2023 has definitely started on a good note, with a sustained momentum within Dubai’s property sector. With evolving consumer preferences and record year-on-year success this February, we continue to behold a positive outlook for Dubai’s multi-faceted property sector, as a trusted go-to place marketplace for our customers.”
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